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Razorpay revenue soars 164% to Rs 509 cr in FY20
![Razorpay revenue soars 164% to Rs 509 cr in FY20](https://assets.techcircle.in/uploads/article-image/2020/12/images/24442-razor-pay-by-junaid-2.jpg)
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Razorpay Software, which operates payments platform Razorpay, has registered a 164% year-on-year jump in operating revenue from Rs 193 crore to Rs 509 crore for the financial year ended March 31, 2020.
The bulk of its revenues comes from a slew of business-to-business (B2B) products and services, including payment links, payment pages and invoice products. These services accounted for 77% or Rs 390 crore of its operational revenue, while software development services accounted for Rs 119 crore.
The Bengaluru-based startup also turned cash flow positive during the period. It recorded positive cash inflows of Rs 192 crore from operational activities, a significant uptick from being cash flow negative at Rs 57 crore in FY19.
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However, the new unicorn’s losses nearly doubled to Rs 6 crore in FY20, compared to Rs 3.2 crore the previous year, according to regulatory filings.
Its overall expenses ballooned 2.5-fold to Rs 525.4 crore, of which employee expenses accounted for Rs 120.5 crore.
Other expenses stood at Rs 401.4 crore -- this includes advertising promotional costs of Rs 16.5 crore, which grew nearly 4.5-fold from last year. Interestingly, its legal professional charges grew from Rs 80 lakh last year to Rs 5.6 crore in FY20.
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Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay claims to serve over a million businesses. It primarily offers payment gateway services to businesses. It also provides short-term working capital and business loans through its platform Razorpay Capital and neobanking solutions through Razorpay X.
The company has raised a total of $206.5 million in equity capital so far.